Let’s say you have a brilliant idea for a business that requires only a modest amount of money to get off the ground and running. You have a great idea that is shared by a trusted colleague and his/her business partner, and your business partner is financing the entire business start-up through the use of a private financing business loan. By bootstrapping yourself and not having to engage in any of the usual activities that businesses typically do, you have a steady stream of money coming in and easily accessible, in a short period of time.
And then, you, the entrepreneur, would like to develop and expand your business. So you look around to find someone with business experience that can help, but who is also a good match to your business vision, philosophy, and goals. You search online for someone to refer you to someone who may be ideal for your needs but does not necessarily share your goals. You email all of your contacts, phone them, seek advice and make a list.
But wait! How are you going to know which one is the best fit for you, and which one in fact has the possible business growth of your dreams? The answer, many entrepreneurs find, lies in the business partner’s business style and philosophy as well.
Are they conservative, hands on and detail-oriented, love to get things done, are they risk-averse, work and play separately, are they what you would consider being an introvert. There are so many criteria that can influence one not to shy away from conflicts and bumps in the road, but business partnership often creates tension and hard feelings.
Working well together requires open minds, Disclosure, communication, and the ability to touch base with each other regularly. However, not everyone is great at communication, trust, or has a positive and supportive outlook.
There is one business partner I have worked with that I absolutely enjoy working with and would not recommend anyone else to work with. This business practice is one that will provide exceptional business growth and long-term success. The difference between having this business partner and another is that this way of working is founded on sound business terms and philosophies that will have each partner healthy and strong, and still have one without one of the other.
There are a couple who I consider to be “dysfunctional” because they are too oriented around politics, or would rather not be in their own business, or their efforts strive to keeper their businesses at rather grateful bone stock. Perhaps they will be working to make sure their issues are taken care of or will put out fires when situations arise.
In truth, I am a business partner myself. I send and receive ideas, feedback, and concerns from founders and others who have followed my advice and believe in what I do. However, and I would encourage you to do this as well, a true entrepreneur will resolve their business issues in a business forum, either in person or online. But let’s not forget that a true business partnership is a marriage in which each party wants the business to succeed and wants their partner to be successful as well.
But for those of the business partners who are less business savvy, not great at communication, not good at creative problem solving, etc. there is something to learn from the example of this business partner for them not separate like minds.
I’m always coming up with new ways of attracting exposure for my business. I send stuff out on the net, reach out to other business partners, engage in conversations on social media sites, blog and support them openly, ask questions, etc. Sure sometimes I am presented with business partners who don’t give me much of a fit, but I am able to trust them enough to not let them define my business, philosophy, or approach.
If you are interested in preparing yourself to work with a business partner I recommend you read the book, “What Every Business Person Needs to Know about Business and Starting Your Own Business by querying Cunningham, Tuesday Brothers, msn.com, and SRI Online.” Besides giving a reality check on some statements that can cause the ‘magic’ of business, it will help you to learn how to be the Dependable Entrepreneur that mom and dad hundreds rely on.
With that said, I do remember how it felt to have a business partner of this caliber when I first started in business. Today I like employees, clients, hired help, etc. and can move from B2B (business to customer) to B2C (business to business) conversation and rapport without too much of a problem or drop in my toes like many business owners who work through a multitude of partners or donors who believe in the process because they really work but treat your customers like cattle.